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2020 goals: passive income and a man 😭🤣
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Most ppl don't make PPMD in their mid 30s...more like 40ish
Partners, age matters
MD, it doesn’t
Overall, I don’t know where you get the stats from, but partnership at any age is pretty sweet. If you like consulting as a career. At least at EY, you are looking at 18 years of partnership left if you made partner at 42. That’s a LOT of career
Really depends on what you’re after, whether you want to stay in consulting or not. If what you really want is to carry on in consulting, then the age factor is irrelevant and moving to industry won’t help. If you want to move to industry, then it’s not worth staying for 10 more years in consulting. I’d say maximizing compensation is not the best angle in your situation, given the commitment implied
In a similar situation at 36 and people above me that made PMD at my age keep on telling me that it is highly rewarding if you can stick it out. Looking at minimum another 8-10 years for PMD. I've done the same math and for me, came to the conclusion that I will leave. Here's why: If I leave and boomerang, I can probably come back as a SM1 or SM2 in 2 years or as an experienced MD in 6-8. If I decide consulting isn't for me then, well I can just stay in industry and have saved all that time at D. Unfortunately, D promotes based on tenure and not ability. Unless you have some major political pull, you're better off leaving and coming back (or not).
@OP yes, because I've been specialized in one sector for all of my career before D and at D. Gaining a few more years of industry experience and bommeranging will be the fastest track. I've been told by a few leaders that's actually probably the only way because the firm will never consider a M1 or M2 > M4/SM1 no matter what your ability, client connections, etc. are.
Thanks all. I love consulting work and the perks that come with it. I just had a baby 8 months back and trying to evaluate how to shape the next 5-10 years. But yes, having moved to the US to make a career, money is a big driver (a lil ashamed to admit it). So given my position, if consulting isn't a clear winner in the long run, I would rather move out and have more balance. But thanks for the encouragement. Looks like I will try to stick it out for a 2-3 more years and see how things shape up ( already invested about 6 yrs in consulting)!
If you’re optimizing for income (or income/hr worked) you should think about which companies have a more profitable business model. MC cannot compete here.
The migration to tech is because a successful SaaS business can always afford to pay more than an advisory firm.